Tenant

Beginner 🏠 Real Estate

Definition

A person who rents a property from a landlord and has more rights than you'd think, which landlords discover too late.

Example Usage

The tenant submitted a 30-day notice that they're moving at the end of the lease.

Origin

Old French 'tenant,' meaning one who holds or possesses

Fun Fact

Tenant rights vary dramatically by state and city—what's legal in Texas might get you sued in California.

Source: Landlord-tenant law

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Covenants, Conditions & Restrictions (CC&R)

Rules governing what you can do with your property, proving that ownership is really more of a suggestion.

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Jumbo Mortgage

A loan exceeding conforming limits, charged higher rates and requiring pristine credit, the luxury tax of mortgages.

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equity skimming

An illegal practice where someone collects rent on a property while intentionally not making mortgage payments, pocketing the difference until foreclosure. Real estate fraud with a countdown timer.

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debt-to-income ratio

The percentage of your gross monthly income that goes toward debt payments, used by lenders to determine if you can afford a mortgage. It's basically a mathematical judgment of your life choices.

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liens

A legal claim on someone's property that says 'you owe me money, and I'm holding this hostage until you pay up.' These financial handcuffs ensure creditors get paid before you can sell or refinance. Think of it as a sticky note from the law that won't come off until the debt is settled.

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highest and best

A seller's request for all interested buyers to submit their absolute top offer by a deadline, usually because multiple lowballers are circling. It's the real estate version of 'final answer' from Who Wants to Be a Millionaire.

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